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Eni, Exxon, Shell to Fund $986 Million Kazakh Share for Kashagan

By Svetlana Antoncheva and Nariman Gizitdinov – May 28, 2012 6:48 AM GMT+0100

Eni SpA (ENI), Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA) agreed to fund the $986 million costs owed by Kazakhstan’s state energy producer for one of the world’s biggest oil fields, Oil and Gas Minister Sauat Mynbayev said.

The foreign partners will pay Kazmunaigaz’s share of the costs for Kashagan this year and next, Mynbayev told reporters in Astana today. It wasn’t clear if Kazmunaigaz will repay its foreign partners out of future revenue from the project.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at [email protected]

To contact the editor responsible for this story: Stephen Voss at [email protected]

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